DWSN — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-14

• This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of h…

• and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; risks that the Company’s cash reserves, liquidity or capital resources may be insufficient; risks associated with the identification of suitable acquisition candidates…

• During the second quarter of 2026, the Company completed two large-channel-count projects and operated two smaller crews in the United States. At the end of the quarter, the Company began a high-density seismic project deploying 70,000 single-node channels over a concentrated area. The high-density …

• The Company’s seasonal Canadian operations ceased in April 2026 and are expected to resume in the fourth quarter of 2026. The Company has experienced increased bidding activity for larger channel-count projects in the Canadian market for the fourth quarter of 2026 and into 2027. The Company continue…

• approximately $2.4 million in expenses in the six months ended June 30, 2026, which are included in general and administrative expense in our consolidated statements of operations.

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of h…

• channels; and statements regarding any potential transaction(s) with our controlling stockholder and any of its affiliates. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “continues,” “could,” “intends,” …

• We had one large channel crew and three smaller channel crews operating in the first quarter in the United States. Our seasonal operations had solid performance in the first quarter, and their operations continued into the second quarter of 2026. High crew utilization in the first quarter resulted i…

• U.S. Fee Revenues. Fee revenues for the first quarter of 2026 increased 665% to $20.9 million compared to $2.7 million for the same period of 2025. The increase was primarily due to an increase in crew utilization due to the purchase of the single node channels.

• Canadian Fee Revenues. Fee revenues for the first quarter of 2026 decreased 7% to $11.6 million compared to $12.5 million for the same period of 2025. The decrease was primarily due to a decrease in crew utilization.

Text added vs the prior filing · source: 10-Q · 2026-08-14

• There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended June 30, 2026, that have materially affected or are reasonably likely to materially affect our internal control over financi…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• As of December 31, 2025, we concluded that our internal control over financial reporting was not effective due to a material weakness in our internal control over financial reporting. Specifically, the Company did not design and maintain effective controls to ensure the accurate classification of re…

• The Company implemented remediation steps to address the material weakness and to improve internal control over financial reporting. Specifically, management designed and implemented a review control to perform a look back analysis related to uncompleted customer contracts at the end of each reporti…

• Except for the remediation of the material weakness described above, there have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended March 31, 2026, that have materially affected or are re…